- The video provides an update on the Ethereum ecosystem, specifically focusing on the Denkun update.
- DevNet 10 went live and has undergone testing, with a document analyzing the impact of EIP-4844 blobs on the network.
- DevNet 11 is planned for the future, and the core devs aim to fork the Gurley testnet in late November.
- The mainnet fork for Denkun may be pushed to February or possibly March due to extensive testing and client issues.
- The video also mentions the addition of Ubuntu 22.04 support for NiceNode, a tool for running an Ethereum full node easily.
- Incentivizing full nodes is deemed impossible due to challenges with civil resistance and determining reward curves.

- Incentivizing full node operators with monetary rewards is not feasible due to the ease of creating multiple nodes and the difficulty in differentiating between node operators.
- The better way to incentivize full node running is through education on the benefits, such as increased censorship resistance and network health.
- Uniswap Labs made $500,000 in one week from the fee implemented on their front end, highlighting the popularity and network effect of their interface.
- It is expected that this revenue could reach tens of millions or even hundreds of millions of dollars in a bull market.
- Other interfaces may also integrate fees in the future to capitalize on this revenue potential.

- The speaker discusses the possibility of platforms implementing fees to generate additional revenue.
- They recommend a book titled "Absolute Essentials of Ethereum" by Polar, which they believe will enhance readers' understanding of Ethereum.
- The speaker addresses the ETH BTC ratio and suggests two reasons for ETH's recent underperformance against BTC: the BTC spot ETF narrative and the typical pattern of BTC leading in the early stages of a bull market.
- They emphasize that they are a long-term ETH investor and believe that ETH will outperform BTC in the long run.
- The speaker concludes by encouraging viewers to subscribe to their channel and newsletter.

- The video provides an update on the Ethereum ecosystem, focusing on the Denkun update.
- DevNet 10 has undergone testing, with analysis on the impact of EIP-4844 blobs.
- DevNet 11 is planned for the future, with a fork of the Gurley testnet in November.
- The mainnet fork for Denkun may be delayed to February or March due to testing and client issues.
- Ubuntu 22.04 support has been added to NiceNode, a tool for running an Ethereum full node.
- Incentivizing full nodes with monetary rewards is deemed impossible due to challenges with civil resistance and differentiation.
- Education on benefits is a better way to incentivize full node running.
- Uniswap Labs made $500,000 in a week from their fee implementation, with potential for higher revenue in a bull market.
- Other interfaces may integrate fees in the future for additional revenue.
- The speaker recommends a book on Ethereum and discusses the ETH BTC ratio and underperformance reasons.
- They believe ETH will outperform BTC in the long run and encourage viewers to subscribe to their channel and newsletter.

Subscribe to the newsletter: https://thedailygwei.substack.com
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Join the Discord channel: https://discord.gg/4pfUJsENcg

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The Daily Gwei Refuel gives you a recap every week day on everything that happened in the Ethereum and crypto ecosystems over the previous 24 hours - hosted by Anthony Sassano.

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Timestamps and links 👇

00:00 Introductory song
00:09 All Core Devs: Dencun, RollCall, L2 standardisation discussion
https://twitter.com/TimBeiko/status/1717540482270818497
00:35 Dencun-devnet-10 blob analysis & stress test
https://notes.ethereum.org/@ethpandaops/dencun-devnet-10-analysis
https://notes.ethereum.org/@ethpandaops/devnet-10-stress-analsysis
05:59 Running an Ethereum node on Ubuntu made easy
https://twitter.com/NiceNodeApp/status/1717561386941976883
12:49 Rated Explorer and API support for Holesky testnet
https://twitter.com/ratedw3b/status/1717491592829792572
14:58 Zapper’s new Chainchat feature
https://twitter.com/chain_chat_app/status/1717193340234473703
16:23 Uniswap labs’ interface earns $500k in one week
https://twitter.com/JasonYanowitz/status/1717348086303854891
19:57 The Absolute Essentials of Ethereum book
https://twitter.com/post_polar_/status/1717498675717390358

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DISCLAIMER: All information presented across all of The Daily Gwei's communication channels is strictly for educational purposes only and should not be taken as investment advice.

Hello everyone, welcome to another episode of the Deliquary Refuel, where we cap the latest news in the Ethereum ecosystem.

I'm your host, and this is an announcement for the 27th of October 2023.

So kicking off today is a fresh all core devs update here, update thread from Tim Byko going over all things Denkun for the most part and a few other different kind of updates here that I'll go through.

But basically there was a healthy chunk of updates actually in this thread around Denkun and all the testing that's been happening.

So as you guys know, DevNet 10 went live this week and that's been kind of going through the rounds of testing.

And there's actually a really cool document that you can check out.

I'll link it in the YouTube description below, which basically does an analysis on EIP-4844 blobs.

As you can see here with a bunch of pretty metrics that basically show what the impact on the DevNet was when they started spamming it with blobs and they started kind of testing it and running and putting it through its paces basically.

And this is the kind of stuff obviously we want to see done because on mainnet, it's definitely going to be different, but at the same time, like we need to be able to test it in some way, right?

Because we can't test it on mainnet right now, but we have to test it on the devnets and then the testnet.

So there's this document here that you can check out, I'll link it in the YouTube description below.

There's, this is the blob analysis document, and then this is the stress test document, which has the kind of similar metrics here, and a lot of detail about this.

I read through it just before, and it's actually pretty detailed, so I highly recommend going and checking that out.

But I think what's relevant to you guys mostly is probably around kind of what the next steps are here after DevNet 10.

And I've been talking about the fact that there was possibility that it'd be another DevNet and there actually is.

Tim mentions it in this thread saying that they are going to be doing DevNet 11 soon.

And then he also mentions that the core devs really want to get 1 of the testnets forked.

So they obviously want to do Gurley first, but in terms of timing around that, it's probably going to be later in November, rather than the mid to, or the early to mid November that they were originally targeting.

So we can expect mid to late November at this stage for Gurley to be forked.

But even then, I mean, from the thread that I'm reading here, it's not, that's not kind of like a confident timeline, just because of the fact that there is still a bunch of work to do on a few of the clients to get them up to speed, and obviously, there's a lot of testing going on still and stuff like that, But yeah, we could probably see girly forked.

I would actually put money on maybe the end of November to be honest.

And then after that, I'm not sure if we'll get another testnet fork before the holiday period.

We may get another 1, whether that's to Polio or Hull Sky.

And then obviously not no mainnet until the new year.

And given the fact that the test net forks are being pushed back already, and not to say that there was any kind of definitive date, but the estimates are getting pushed back.

I would say that it's more likely gonna be February than January for a main net for Denkun, but it's really hard to tell.

I think what ended up happening and why there's been so much, I'm not gonna call it delays because there was never a date given, but the reason why it's taking longer than expected to kind of test this stuff is because EIP-4844 and Blobs are a brand new thing for the Ethereum network that has never been done before and has implications, especially on kind of like the block propagation side of things, which requires extensive testing to make sure that it doesn't, I mean, it doesn't kind of like result in any negative consequences on mainnet.

And that's exactly why it's taking longer to test these things.

And obviously the core devs want to be sure that we're not going to run into any issues on mainnet that requires like another hard fork to fix or anything like that.

If there are client issues here and there, they're relatively straightforward to fix because it doesn't require a hard fork in order to fix specific client issues, but they wanna make sure that the vast majority of clients are up to speed and basically aren't going to suffer any kind of issues once the mainnet fork goes ahead because mainnet conditions are definitely very different to devnets and testnets, but generally, it should be quite similar in how obviously they handle these things, they handle blobs, so that's why It's taken longer here.

But yeah, I think at this point in time I don't think there's any chance that we would get a fork in January for main net I think February still on the table But we'll have to kind of monitor this and monitor how the test nets go and how the timing around test nets go as we lead Into that I mean I'd be more optimistic on like I guess a sooner timeline if it wasn't for the holiday period, because you can basically block out at the very least 2 to 3 weeks over the holiday period where basically no work's going to get done, right?

There's not going to be any forks, there's going to be minimal work being done on clients, So you already got like a bunch of lost time there.

And that brings us into maybe, I guess, like the second week of January.

And then from there, we obviously wanna be able to give people time to update for main net, which is usually at minimum 4 weeks, brings us right into February already, right?

So if you just run out the numbers here and run out the dates, you kind of get to February and pretty much like all the scenarios and possibly March.

Like I'm not gonna say it's gonna be March, but hey, like we don't know just yet.

But as I've said before, I don't think it's a big deal.

Honestly, I don't see anyone really clamoring right now for Denkun to be honest for 4844.

Yes, it would be nice to have cheaper fees on layer 2s But the fees even though the gas has spiked lately on layer 1 the fees on layer 2 is still really cheap guys and it's not like we're onboarding a ton of new people right now.

Yes, the market's a little bit hot, but I'm going to be honest, I'm not seeing any new people really at the moment coming to the ecosystem.

So I feel like we've got some time here, which is nice.

I mean, obviously these upgrades aren't really timed around what the market's doing because that's impossible to time that.

And it's not really timed around anything, but when the upgrade's ready, it'll go live on mainnet there.

But yeah, that's all the relevant Denkun updates.

There was also some discussion about this new call, this new layer 2 call called Roll Call, which I've discussed before, and a bunch of other things as well, which you can check out, which I'll link in the YouTube description below for you to do so alongside this analysis that you should definitely read on Blobs if you're at all interested in how testing is going there.

All right, so I have mentioned NiceNode before on the refuel.

It's basically a really easy way to get set up with running a full node on any hardware or software that you run today.

And the reason why I'm bringing them up again now is because they just added support for Ubuntu 22.04.

So if you're running Ubuntu, whether that's on a server that you have, or whether that's hosted at home or hosted on the cloud, maybe you're running a Ubuntu machine somewhere in your closet or something like that, and you wanna run an Ethereum full node and wanna do it in a really easy way, you can now do it with NiceNode.

And NiceNode already supports Mac and Windows as well, so you can go to their website.

Actually, if I bring up their website here, I can show you what this looks like.

It's basically just a client that you download.

Basically a piece of software that you download, and then on there you can select which clients you want to sync for an Ethereum full node.

Obviously you pick the consensus layer client and the execution layer client, and it just runs in the background on your system in a really nice kind of GUI interface, graphical user interface here, which is exactly what we need, really.

I mean, I've discussed this before about how do we get more people to run full nodes.

And I really think that a big part of it is just making it dead simple to run, where you basically download a piece of software like you would any other piece of software and then just run it in the background and have like a really easy interface to monitor the health of it and to upgrade you know when there's network upgrades and stuff like that so really really great to see this and I'm sure NiceNode has plans to add validators or maybe they already have validator support in here, but that would be really cool as well.

So yeah, you should definitely go check out NiceNode.

If you haven't yet, as I said, they have support for Windows, Mac OS, and Ubuntu or Linux now, which you can go download.

I'll link this in the YouTube description below for you to do so.

And actually just 1 final note on kind of running full nodes here.

There was a bit of a discussion about this in the Daily Gray Discord channel today around incentivizing full nodes.

Now, I've discussed this before on the refuel, but I did want to reiterate this, that it is basically impossible to incentivize full nodes.

And I think I discussed this with Eric in the Daily Great Drive-Thru episode we did about Lido a couple of weeks ago.

But essentially it is impossible to incentivize full nodes because of a variety of different reasons and the number 1 reason is probably Well, I think there's 2 number 1 reasons so to speak and they are it's really hard If not impossible to do civil resistance like there's no way to know that 1 person isn't just running a thousand nodes to get as much of the rewards as they can.

Because with staking, for example, the reward curve is based on the amount of ETH that you're staking.

So if you're a solo validator, it's based on 32 ETH per validator, right?

And if you have like 320 ETH, aka 10 validators, then obviously you're earning more rewards than you are with only 1 validator, aka 32 ETH, right?

Whereas with running a full node, like what's the, you know, what's the rewards for that full node?

Like how do you even differentiate between 1 full node versus another?

How do you kind of monitor for uptime, stuff like that, because the full node isn't doing things like a testing or proposing blocks or anything like that.

It is basically not possible to incentivize full nodes.

And also on top of that, if you do a kind of like a reward curve, like what the rewards have to be proportional to, I guess like some kind of work that's being done, running proof of stake, it's the work of a testing and block proposing and putting up that capital as an opportunity, as kind of like the opportunity cost there, that 32 ETH.

In mining, obviously it's doing proof of work, but with running a full node, there's no way to incentivize that in any real kind of like simple resistant way or any real way that allows people to to essentially earn a reward for that because let's just say you basically let's put some hard numbers to this because I'm just kind of talking in kind of abstracts right now let's put some hard numbers on this Let's say that you issue a billion dollars a year, I'm just doing random numbers here, but let's say you issue a billion dollars worth of ETH a year to people running full nodes, right?

Whatever that is in ETH terms, I don't know, but let's just say a billion dollars there.

What's to stop someone from just spinning up full nodes, which are really cheap to spin up by the way, and just getting the lion's share of those rewards?

And also at the same time, like how do you differentiate between a different kind of like full node operators?

How do you reward 1 node operator for doing more work than the other?

Like for example, do you reward archive nodes more than full nodes because they're doing more for the network than a full node?

And it doesn't actually add anything to the network in terms of security because there's no economic security because there's nothing at stake basically.

And essentially you're just running a full node, getting some rewards, and then being able to sideboard that as well.

So I just don't think it's possible to incentivize people to run full nodes.

Now, in saying that, if you're a validator, you are running full nodes.

So that is the kind of incentive there basically, where if you've got validators, you are running a full node, you're probably only running 1 as a home staker, but a lot of these kind of like big staking operators, they're going to be running more than 1.

But really at the end of the day, I think that incentivizing full node running with monetary rewards is not going to work.

The better way to incentivize it is to basically educate people on the benefits of running a full node.

Obviously, the major benefits being that you get to use your own full node as an RPC.

So you get maximum censorship resistance and you only rely on yourself when doing your own transactions.

You get to obviously help the health of the Ethereum network overall by increasing the number of copies of the Ethereum chain, stuff like that, right?

And obviously if you're a solo staker, you're running 1 because you want, you're putting your validators to it and you have to do it that way.

So yeah, that's just a bit of random thoughts about that, but I wish there was a way to incentivize more, you know, with kind of like in a monetary way, to incentivize full nodes, but I really don't think there is, especially because of that ease of Sibyl there.

And what I mean by that is, as I said, people can spin up as many full nodes as they want, and just get the lion's share of the rewards for themselves at basically no cost.

Whereas you can't really do that in proof of stake or in kind of like how it works for validators because to do that, you have to buy more ETH, right?

Whereas with a full node, The only cost that you really incur is hardware and maybe, I guess, like a marginally more electricity cost, but it's not much, right?

It's not like the more full nodes that come on the network, the more expensive it is.

Where there's a difficulty adjustment and stuff like that.

So yeah, anyway, enough rambling about that.

Moving on to the next thing that I wanted to talk about, which was a new feature from rated.network.

They now have a page that covers the whole sky test net.

So you can go here and check out all the various metrics around the whole sky testnet validators, such as participation rates, inclusion delay, effectiveness rating, and all that.

But do keep in mind that this is a testnet, this is not mainnet, so obviously the effectiveness rating is going to be quite a bit lower because there's again nothing at stake here.

This is actually a pretty good thing to talk about in the context of what I was just talking about.

With full nodes, we're essentially, because there's no money on the line and there's no kind of like money being lost if your validator isn't online on this testnet, the only reason that you keep the validator online is because you're being a good steward of the testnet basically, and you want to help the testnet out.

But you're not getting rewarded for this.

There's no monetary kind of value to be had.

And On the flip side, there's nothing being lost either if you're offline.

Whereas with proof of stake on main net, right, running a validator on main net, if you're offline, you're suffering the inactivity leak, right, and that eventually leads to, I mean, it takes a while, but it eventually leads to a big loss of ETH and you getting kicked out of the validator set, right?

And then if you're offline with a bunch of other people, the quadratic inactivity leak kicks in and it just becomes worse and worse from there.

So that's why you see this here on the testnet where there's nothing at stake, so there's no real kind of kicker here.

And that would be the same with incentivizing full nodes, by the way, the only thing that's really at stake is the opportunity cost of not earning the rewards.

But by not running a full node, by going offline, you're not actually penalized.

There's no kind of motivation to be online, except to earn some rewards.

But yeah, the rewards probably weren't covered, the costs, if it was done in such a way where there was so many full nodes online and the share of the rewards would be so low it'd be yeah it'd be a mess basically but anyway enough about that I've rambled about that too much here today, but you can go check out this new testnet dashboard from, sorry, the whole sky testnet dashboard from raider.network.

All right, Something that I forgot to cover yesterday is this new chain chat feature from Zappa.

So a chain chat is similar, I guess, to some of the other web 3 chat apps out there, like the 1 that's integrated into Coinbase Wallet with XMTP, and There's 1 on Etherscan as well.

I think there's a few others of these things, but basically this allows you to essentially log in with your Ethereum address basically and start chatting to people, I guess like with your ENS, right?

And then adding people based on their ENS.

You can see in the kind of video here, there's a mock-up of like sassle.eth and benarmstrong.eth, sorry, brianarmstrong.eth, davidhofman, timbiko.eth, and basically this would be a theoretical group chat where we're all in it, and we've all basically got a way to chat to each other on chain here.

And there's a bunch of other features as well, such as channels.

So group chats are called channels here and to join a channel, 1 must buy a share in the channel.

So it's, I guess, similar to Friend Tech in that respect as well.

And there's a bunch of basically on-chain experiences embedded into the chat as well, where you can see here on-chain links can be a powerful tool to share tokens, wallets, NFTs, apps, and whatever you want, and whatever you want to share with other members here.

So yeah, if you're interested in stuff like that, you can go check out ChainChat from Zappa.

I'll link it in the YouTube description below for you to do so.

All right, so I'm sure you're all remembering or you all remember the other day that Uniswap Labs put a fee on their front end.

So on the kind of like, I guess, like official Uniswap front end that Uniswap Labs runs.

And there was a lot of discussion around this and people may be wondering how much money is Uniswap Labs making from this?

Well, in just 1 week, they made $500,000 from that fee, You know, for running an interface that they've been running for free and earning nothing from, to earning $500,000 in 1 week is pretty good, right?

And I think that speaks to the fact that as much as people said that there's lots of alternatives to the Uniswap Labs front end, At the end of the day, it has the most kind of like Lindy around, that it has the most brand awareness, it has the most network effect, so people are still going to use it.

And by doing that, they're obviously paying this fee now, which goes to Uniswap Labs and that amounts to $500,000 in week 1.

Now, I don't know what dates these covered.

It covered October 17th to October 24th, which I guess was definitely a bit of a hotter week than usual, especially towards the end of the week here, but you can imagine what this is gonna look like in a bull market where you're onboarding a ton of new users, right, that don't know any better, especially, and they're gonna be just using that front end.

I wouldn't be surprised to see this run into the tens of millions of dollars of revenue per week, to be honest, in a bull market, right, Because of the extreme amount of volumes that will be traded through Uniswap, especially for things like meme coins, that we, you know, obviously we saw a lot of these in 2021.

So that's a lot of money going to Uniswap labs on an interface, as I said, they weren't earning money from before.

So kudos to them for actually finding a business model that is kind of like working for them and is very profitable for them.

But I know that a lot of the uni token holders are still hurting a lot from this because they're probably like that $500,000 could have gone to uni token holders.

But you know, I think that I discussed this at length with Eric on the latest drive-thru episode if you haven't watched or listened To that yet, you can definitely go check that out for my thoughts on that But yeah, I think generally if that you want if you want to protest this then just don't use the uniswap front-end, right?

Just use any other front-end basically there's there's so many out there I mean you can use cowswap and you can use match our one-inch DeFi Sorry llama swap.

There's so many or zapper has 1 as well I mean there's so many interfaces now that you don't have to use this.

But I think, I will say that eventually, I expect a lot of these interfaces to integrate their own fees as well into the front ends.

But I think that there will always be a fee-less front end available because people, someone will just be like, you know, screw the fact that there's fees on the front end, I'm gonna host 1 that doesn't have fees on it.

But yeah, I mean, for the newer people, for the people who don't know any better, they're definitely just still going to use this.

And as I said, I expect this to spike to tens of millions of dollars and maybe towards the like end of the bull market where it's getting real frothy, they could exceed a hundred million dollars of revenue in a week sort of thing from this front end fee, we'll have to see.

But I think if the numbers start getting into those territories, you're definitely gonna see the other interfaces integrate this because they're just leaving money on the table by not doing it, right?

And I'm not trying to kind of like say if this is right or wrong, it's just more of a business decision for a lot of these projects, right?

Where they're basically thinking, well, I'm leaving millions of dollars, tens of millions of dollars potentially on the table here.

And for them, It's a very simple thing to integrate into their front end and then it would immediately take effect and I think a lot of their users would be none the wiser about it.

But yeah, I think that's probably how it ends up shaking out there.

All right, just lastly here I have a quick shout out to Polar who released his new book for pre-order on Amazon here.

So this book is titled Absolute Essentials of Ethereum.

I did have a sneak peek of some of this book.

I was talking to Polar in DMs about this.

Honestly, I pre-ordered this straight away because it's looking like a very, very awesome book about Ethereum.

I think that there aren't that many good Ethereum books out there, but I think this 1 is definitely going to be 1 of them.

And as I said, like it's up for pre-order now on Amazon, you can go, you can go pre-order it.

I haven't been paid to shout this out or anything like that.

I'm just shouting it out because I think that it is, as I said, like a really good book covering a lot of things around Ethereum.

And it's definitely going to, it's definitely going to up your Ethereum knowledge for sure.

And I think it's a good book to recommend to people who maybe don't have any grasp of crypto or Ethereum to read as well if they want to learn about it.

And it's definitely going to be a lot more relevant in the bull market when we have a lot more new users coming in.

Because as we all know, it is quite difficult to explain Ethereum to people.

Like, this is the main problem Ethereum has, I think, is where the most bullish thing for a theorem is for it to be understood, but it's hard to understand the theorem, whereas with Bitcoin, I think for on the surface level, it can be generally easy to understand because people will just say, oh, Bitcoin's like digital gold.

But if you actually want to understand why it's like digital gold or why people think it is, then it becomes a deeper topic.

So I think there's depth to both kind of, both ecosystems, but Ethereum is definitely infinitely more complex because there's just so much more you can do with Ethereum.

So I think this book is definitely gonna help a lot with that, but yeah, you can go pre-order this.

All right, I've got a few more minutes left here of today's episode, and I actually specifically left this because I wanted to talk about something that I'm seeing a lot of Ethereans talk about on Twitter, you know, in various other places, and especially in the DailyWare Discord channel.

Now, this is not something that I usually talk about on the Refuel or really that often because I don't really think it's relevant.

But I want to talk a little bit about the ETH BTC ratio.

Now, what this is, is basically the ratio that charts ETH's performance against Bitcoin from an asset perspective, not the network perspective, just from the asset perspective.

And of course, the reason why people are talking about it a lot lately is because over the last few months, the ETH has been trending down against BTC and people are kind of questioning this.

You know, I thought the merge and EIP1559 would make ETH a really bullish asset and would outperform Bitcoin, blah, blah, blah.

I wanted to kind of walk through the way I think about this and kind of try to explain to you or at least kind of bring it back down to earth as to why this is actually happening.

And I think there's 2 main reasons about why it's happening, specifically over the last few months, maybe over even like almost the last 6 months I guess and I think the number 1 reason should be obvious to people but maybe it's not and it's because for the last few months I think since June since BlackRock filed for a BTC spot ETF The narrative of crypto has squarely been about that.

You can see it on Twitter, how closely people are following this thing.

Now, if you're a trader or you're an investor who likes to kind of like, not necessarily day trade or trade week to week, but you're more of like a month to month kind of investor where you're like, you know what, I'm gonna trade this and then swap into this in a few months time.

What asset do you think they're going to buy on this narrative, right?

I mean, it's even outside of crypto, it's in trad fi, it's a huge deal, right?

So what asset do you think these people are going to buy if they want to get exposure to the spot BTC ETF narrative?

Like I'm as bullish as they come when it comes to ETH, but I'm not blind to the fact that no 1 is gonna really buy ETH based on BTC getting a spot ETF.

It just doesn't make any sense, especially from a narrative trade perspective and also from a shelling point perspective, because you guys know about the concept of a shelling point.

It's basically a point where everyone kind of like just naturally agrees on that's the spot like for example If you're in New York City and you want to meet someone and and you don't know where to meet them The shelling point would be Times Square just like the shelling point for trading this narrative would be BTC It's the most obvious thing ever so because of that people aren't buying ETH based on that narrative, people are buying BTC, BTC outperforms ETH, right?

I don't think there's much of the long-term ETH investors selling their ETH for BTC.

I think this is more of kind of like the short term traders and those kind of more short to medium term investors just playing this narrative trade.

And you can see since June how much Ether's gone down against BTC.

I think it's been like, what, 25% or something like that, which is a pretty big fall, right?

Even though Ether's gained in USD of course lately, it's definitely accelerated to the downside because the BTC, spot BTC ETF narrative has heated up a lot.

And the second reason is more of, I guess, like a crypto native thing.

And it's more about the fact that typically BTC will lead at the start of a bull market or at the really early stages of a bull market or at least lead getting out of the bear market.

And that's happened a few times now through the cycles, but after that, the rest of the market basically catches up and just vastly outperforms Bitcoin in a bull market, including ETH here.

And if you want to go kind of like, and look at this from a long-term lens, over the long-term, ETH is still up massively against BTC.

Right, I'm talking like since inception basically, and it has been on a general uptrend.

But obviously the weakness over the last few months has been as people kind of questioning things, it's like, you know, why is it so weak?

I really honestly think guys, that it's because of that ETF narrative.

And I do think that at this point in time, especially over the last few weeks, the market, especially with BTC going from 26K to 35K, the market is actually now pricing in the BTC ETFs, right?

I don't think they were pricing it in before for 1 reason or another, but I think they are now.

So ironically, what could end up happening is that the ETFs go live, and then ETH starts just vastly outperforming Bitcoin because everyone's suddenly like, okay, well, the narrative is dead now.

So I'm going to go play another narrative.

See all The Daily Gwei transcripts on Youtube

Core dev updates, New Ethereum book and more - The Daily Gwei Refuel #679 - Ethereum Updates